Share Market HIGHLIGHTS: Sensex ends 491 pts up, Nifty at 17320 despite weak global cues; Reliance gains
Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity market benchmarks BSE Sensex and NSE Nifty 50 ended nearly one per cent higher on Monday. BSE Sensex soared 491 points or 0.8 per cent to finish at 58411, while NSE Nifty 50 index settled at 17311.80, up 0.7 per cent or 126 points. Stocks of State Bank of India (SBI), Bajaj Finserv, Axis Bank, ICICI Bank, NTPC, IndusInd Bank, Reliance Industries Ltd (RIL), Kotak Mahindra Bank were among top BSE Sensex gainers. On the flip side, L&T, HCL Tech, Wipro, Tata Steel, Nestle India, and Bharti Airtel were among top index laggards. Bank Nifty ended 1.6 per cent up at 39921. India VIX, the volatility index, gained 0.9 per cent to settle at 18.42 levels.
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15:37 (IST) 17 Oct 2022 Sensex, Nifty end nearly 1% higher
BSE Sensex soared 491 points or 0.8 per cent to finish at 58411, while NSE Nifty 50 index settled at 17311.80, up 0.7 per cent or 126 points
15:32 (IST) 17 Oct 2022 Buy ACC stock
While realisations during the quarter were better on YoY basis, input cost pressure took a toll on EBITDA margins which contracted by 1,859bps YoY and 913bps QoQ to mere 0.4%. Higher input cost continues to remain the major concern for all cement companies and is expected to remain so in CY22/FY23. While ACC has been working on improving cost efficiencies through various ways, these are expected to start paying off. The commissioning of new capacities and further improvement in operating parameters by way of setting up WHRS at various plants should aid it to witness a sustainable growth Currently, we have a BUY recommendation on the stock and will re-visit our estimates to factor in the weaker than expected performance. Arafat Saiyed – Senior Research Analyst at Reliance Securities
15:00 (IST) 17 Oct 2022 RBI MPC priority: Taming inflation over growth; 35 bps rate hike likely, 50bps not ruled out
Following the 50 basis points rate hike in September 2022, the RBI Monetary Policy Committee is expected to further hike the interest rate by 35-50bps in the upcoming MPC meeting in a bid to maintain financial stability amid global policy shocks, according to analysts. The Reserve Bank of India is expected to be highly data-driven in its decisions regarding further rate hikes, focusing more on taming inflation rather than domestic growth concerns. In the RBI Monetary Policy Committee minutes released last week, the MPC members were tussling between inflation concerns and growth worries, while deciding the central bank’s course of action to maintain financial stability amid global policy shocks. Read full story
14:59 (IST) 17 Oct 2022 BofA cuts Nifty year-end target to 17500 amid global slowdown, ballooning CAD & fiscal deficit concerns
BofA Securities has cut its Nifty target by 1,000 points and now expects the 50-share domestic benchmark index to trade at 17,500 points by the end of CY2022. The foreign brokerage has lowered its target amid major headwinds. According to BoFA Securities analysts, higher crude, slowing global growth along with depreciating currency could create a downward spiral of macro risks – ballooning current account deficit (CAD) and overshooting fiscal deficit (FD) in the near term. Read full story
14:21 (IST) 17 Oct 2022 Retain view of 35-50 bps repo rate hike in December policy
The minutes have restated our view for softer rate hikes, given uncertainties emanating from the global outlook. Mixed views have emerged regarding the pace of future rate hikes, with internal members calling for continued aggressive action, whereas external members have expressed caution about the same. Given the uncertainties, especially from the global side, we retain our view of a 35-50 bps repo rate hike in the December policy. We expect the quantum of rate hikes to depend on (1) any surprise in the Fed’s rate hike trajectory, (2) visibility of domestic inflation inching below 6%, (3) any impact of past monetary tightening on growth-inflation dynamics, and (4) geopolitical risks. We note that based on RBI’s inflation estimates, real policy rates are positive. Kotak Economic Research
13:54 (IST) 17 Oct 2022 Rate hikes by global central banks may arrest the dollar appreciation
The US Dollar continues to dominate the currency markets and it shot up to decadal-high levels. The Dollar Index moved up from 108.60 to 114.50 levels in a short span of just two days. The hike in the US official rates and the assertion of the Fed that the tool of rate hikes will be used consistently till the inflation is brought down to acceptable levels. This reaffirmation of the stance resulted in dollar buying across the major currency counters. The worst affected by the dollar’s bullishness were the Euro, Japanese Yen, and the Yuan, and thereafter the Pound Sterling. The emerging market currencies too have depreciated and witnessed outflows due to the selling of assets by overseas investors. Due to widespread currency losses and the ineffectiveness of central bank intervention, there is a prominent view that there is a need for concerted intervention by central banks which could be more effective. This stems from the fact that there is a realization of the need for currency stability. Emkay Wealth Management
13:27 (IST) 17 Oct 2022 HDFC Securities Diwali stock picks
Aster DM Healthcare: LTP: Rs 242| Add on Dip to: Rs 211| Target: Rs 278
Bharat Dynamics Ltd: LTP: Rs 858| Add on Dip to: Rs 774| Target: Rs 1022
Bharat Electronics: LTP: Rs 101| Add on Dip to: Rs 87| Target: Rs 123
Birla Corporation: LTP: Rs 896| Add on Dip to: Rs 784| Target: Rs 1069
Cipla: LTP: Rs 1109| Add on Dip to: Rs 992| Target: Rs 1283
Deepak Fertilizers & Petrochemicals Corp: LTP: Rs 895| Add on Dip to: Rs 791| Target: Rs 1058
ICICI Bank: LTP: Rs 870| Add on Dip to: Rs 773| Target: Rs 999
Rail Vikas Nigam: LTP: Rs 36.75| Add on Dip to: Rs 32.75| Target: Rs 42.25
Sun TV Network: LTP: Rs 536| Add on Dip to: Rs 458| Target: Rs 624
TCI Express: LTP: Rs 1890| Add on Dip to: Rs 1640| Target: Rs 2169
12:41 (IST) 17 Oct 2022 Gold Price Today, 17 Oct 2022: Gold gains strength amid festive season, silver shines too; check support
Gold rate and silver rate in India were trading in green on Monday on the back of positive trends in the international market. On Multi Commodity Exchange, gold December futures were ruling Rs 219 or 0.4 per cent up at Rs 50,479 per 10 grams as against the previous close of Rs 50260. Silver December futures were trading at Rs 55,876 per kg, up Rs 650 or 1.2 per cent on MCX. Read full story
12:23 (IST) 17 Oct 2022 India to have over 65 pc power generation capacity from non-fossil fuels by 2030: RK Singh
India will have more than 65 per cent of its power generation capacity from non-fossil fuels by 2030, Power and New & Renewable Energy Minister RK Singh said on Monday. Addressing a CII conference on green energy, he explained that India is aiming for 65 per cent of power generation capacity from non-fossil fuels. (PTI)
11:12 (IST) 17 Oct 2022 Petrol, Diesel Price Today, 17 Oct 2022: Fuel prices steady; Check rates in Delhi, Mumbai, other cities
Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Lucknow: The price of petrol and diesel remained unchanged on 17 October 2022 (Monday), keeping costs steady for around four months now. The petrol rate and diesel rate in Delhi are at Rs 96.72 and Rs 89.62 per litre, respectively. In Mumbai, petrol is retailing at Rs 106.31 per litre and diesel at Rs 94.27 per litre. The last country-wide change in fuel prices came on 21 May this year, when Finance Minister Nirmala Sitharaman announced a cut in excise duty on petrol by Rs 8 per litre and Rs 6 per litre on diesel. Read full story
11:02 (IST) 17 Oct 2022 USDINR: Fundamental, technical set-up remains bullish on higher top higher bottom formation; support at 81.95
Fundamental and technical set-up remains bullish for USDINR amid higher top higher bottom formation. The pair is having near-term resistance at 82.90 and support at 81.95. The dollar index is likely to keep rallying until the current slowdown in the global economy is over, inflation peaks out and growth starts to accelerate again. Till that happens, the dollar will be the safest place. Read full story
10:22 (IST) 17 Oct 2022 Electronics Mart India: What should investors do post IPO shares listing?
Electronics Mart India has debuted at Rs.90 i.e. ~53% over its issue price. The company’s strong listing can be attributed to strong interest from investors, reasonable valuations, and a sanguine growth outlook. The company faces significant competition from players like Reliance Retail, Croma, etc. Therefore, we advise investors to lock in listing gains and only aggressive investors should consider making a long-term commitment to the company. Those who applied for listing gains can maintain a stop loss of Rs 77. Pravesh Gour, Senior Technical Analyst, Swastika Investmart
10:20 (IST) 17 Oct 2022 MCX Gold December futures likely to rise to Rs 51600 per 10 gm on stronger demand amid festive season
Meanwhile, another key gold consumer, India, is expected to see stronger gold demand as we head towards Diwali in late October. However, whilst we may see stronger consumer demand, it is clear that price direction is driven by investment flows. And the outlook for this is only slightly positive in the short term. Comex gold has a strong support near $1,640 an ounce and MCX Gold December futures are expected to rise further to Rs. 51,600 per 10 grams. Read full story
09:59 (IST) 17 Oct 2022 Electronics Mart India bumper listing: Shares debut at 52% premium against IPO price
Electronics Mart India Ltd shares witnessed bumped listing on the both BSE and NSE as the stock listed at Rs 90, up 52.5 per cent from the IPO price of Rs 59 per share. The IPO of the Hyderabad-based consumer durables retail chain was subscribed 72 times as on the final day of the offer.
09:48 (IST) 17 Oct 2022 Nifty set to hit 18000 in coming weeks amid Q2 earnings, festive season; Bank Nifty support at 38000; Buy TCS
Going forward, we expect Nifty to gradually surpass the upper band of consolidation placed at 17500 levels in a non-linear fashion and eventually head towards 18000 in coming weeks, amid onset of Q2FY23 earnings and festive season. Key point to highlight is that, over the past six weeks, on numerous occasions index witnessed buying demand in the vicinity of 200 days EMA placed at 16900, thereby rewarding buying on dips strategy amid global volatility. We maintain our stance of buying dips as we expect 16700 to be held. Read full story
09:26 (IST) 17 Oct 2022 Benchmark indices in red
The BSE Sensex was down 119.13 points or 0.21% at 57800.84, and the NSE Nifty 50 index fell 34.40 points or 0.20% to 17151.30
09:23 (IST) 17 Oct 2022 Nifty top gainers, losers
Axis Bank, Bajaj Auto, IndusInd Bank, Infosys and Adani Ports were among major gainers on the Nifty, while Tata Steel, ONGC, Reliance Industries, JSW Steel and Apollo Hospitals were the losers.
09:22 (IST) 17 Oct 2022 Nifty, Sensex open flat
Sensex opens flat with a marginal uptick. Nifty too opened unchanged at 17,198
09:12 (IST) 17 Oct 2022 Market volatility to persist
“Domestic equity markets are likely to see a gap-down opening, much in sync with the downtrend seen in other Asian peers after US markets slumped last Friday owing to hotter-than-expected inflation September inflation reading. Hence, volatility is likely to be the hallmark as Nifty bulls brace for rough sessions in the near term as things do not look pretty good right now at Dalal Street. Technically, the immediate downside support for Nifty is now seen at 16747 and below the same, expect a waterfall of selling. Invalidation of a bearish trend only if the Nifty moves above its biggest hurdle of 17429 mark,”~Prashanth Tapse – Research Analyst, Senior VP (Research), Mehta Equities
09:11 (IST) 17 Oct 2022 Rupee opens higher
Indian rupee opened marginally higher at 82.33 per dollar on against Friday’s close of 82.36.
09:09 (IST) 17 Oct 2022 Benchmark indices trading lower in pre-opening session.
The Sensex was down 282.76 points or 0.49% at 57637.21, and the Nifty was down 85.20 points or 0.50% at 17100.50.
08:42 (IST) 17 Oct 2022 Rupee may appreciate to 82.20 per dollar amid weakness in crude oil prices; USDINR to trade in this range
Rupee is expected to trade with a negative bias this week amid depleting foreign exchange reserves. Further, rupee will be pressurised by FII outflow from the domestic equity markets. Moreover, Investors will keep an eye on building permits and industrial production data from the US. As long as USDINR sustains above 82.30 it may rally till 82.90. USDINR traded in upward resistance and support wedges to continue its upward trend towards the level of 82.70. The pair is expected to continue trading in upward trend towards the level of 82.90 after breaking the key resistance level of 82.70 in this week.
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08:25 (IST) 17 Oct 2022 Nifty to see buying above 17400, Bank Nifty may top 40100 this week; use Iron Butterfly for 20 Oct F&O expiry
Nifty started the week on a negative note and traded with extreme volatility on either side throughout the week. Nifty closed at 17186 with a loss of 129 points on a weekly basis. On the weekly chart, the index has formed a small bullish candle with shadows on either side indicating indecisiveness amongst participants regarding the direction. The chart pattern suggests that if Nifty crosses and sustains above the 17400 level it would witness buying which would lead the index towards 17600-17800 levels.
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08:01 (IST) 17 Oct 2022 Nifty to continue with the upward bounce
“Over a 3-week period, Nifty has formed a higher bottom. Once it breaches 17429, it will also make a higher top. It has remained in the 16748-17429 band for the last three weeks. It has a fair chance to continue with the upward bounce this week. On upmoves 17348-17429 could offer resistance while 17112 and later 16855 could offer support. An upward breach of 17429 could result in broad-based and volume-led rally in the markets.”~ Deepak Jasani, Head of Retail Research, HDFC Securities
07:59 (IST) 17 Oct 2022 Stocks under F&O ban on NSE
Delta Corp, Indiabulls Housing Finance, and India Cements are the three stocks under the NSE F&O ban list for October 17. Securities thus banned under the F&O segment include companies where derivative contracts have crossed 95 per cent of the market-wide position limit.
07:58 (IST) 17 Oct 2022 FII and DII data
Foreign institutional investors (FIIs) have net sold shares worth Rs 1,011.23 crore, whereas domestic institutional investors (DIIs) net bought shares worth Rs 1,624.13 crore on October 14, according to the provisional data available on the NSE.
07:58 (IST) 17 Oct 2022 Nifty not positioned for a major fall, may cross 17400 this week; keep eye on India VIX, key moving averages
Nifty is on the verge of a sizeable breakout move having remained in the near vicinity of 200-day SMA for 13 days now. During this period, the upper range has been limited to 2.5% and downsides limited to about a percent. This volatility was hardly surprising, as all this while, VIX has been in the 22 to 19 band. However, a sharp fall in VIX last Friday, to 18 levels encourages us to assume that bulls are more emboldened to take prices higher this week, at atleast 17428, the recent peak initially. Incidentally, VIX also closed at the day’s low on Friday, despite Nifty erasing nearly 1 percent from the day’s high.
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07:53 (IST) 17 Oct 2022 Results on October 17
ACC, Can Fin Homes, Craftsman Automation, Heidelbergcement India, PVR, Tata Coffee, Tata Metaliks, RPG Life Sciences, Spandana Sphoorty Financial, Indowind Energy, Bank of Maharashtra, Star Housing Finance, and Thangamayil Jewellery will be in focus ahead of quarterly earnings on October 17.
07:44 (IST) 17 Oct 2022 Nifty must cross 17260 to head towards 17425
“The decisive upmove of Friday could be a cheering factor for bulls to make a comeback from the lows. But, a sustainable move above 17260 levels could pull Nifty towards the next important resistance of around 17425 levels. Immediate support is placed around 17100-17050 levels.” ~Nagaraj Shetti, Technical Research Analyst, HDFC Securities
07:43 (IST) 17 Oct 2022 Nifty technical view
“A long negative candle was formed on the daily chart with gap up opening. This pattern indicates an attempt of upside breakout of the initial resistance of 17260 levels. But the market was not able to sustain above the hurdle towards the end. Nifty as per weekly chart formed a positive candle with upper and lower shadow. Technically, this pattern signal a formation of high wave type candle pattern. This indicates high volatility in the market. Nifty is currently placed near the strong weekly support of around 16800 levels, which is intermediate ascending trend line and also horizontal line support as per change in polarity.”~Nagaraj Shetti, Technical Research Analyst, HDFC Securities
07:38 (IST) 17 Oct 2022 SGX Nifty signals a negative start for Indian equities
Nifty futures traded 132 points, or 0.77 per cent, lower at 17,081 on the Singapore Exchange, signaling that Dalal Street was headed for a negative start.
07:38 (IST) 17 Oct 2022 Asian markets in red
Shares in the Asia-Pacific fell on Monday as recession fears weigh in over expectations of continued tighten monetary policies around the world. Japan’s Nikkei 225 fell 1.24% in early trade while the Topix lost 0.97%. Hong Kong’s Hang Seng index fell 0.28% in early trade. The Shanghai Composite in mainland China slipped 0.16% and the Shenzhen Component was about flat. In Australia, the S&P/ASX 200 was 1.42% lower. South Korea’s Kospi fell 0.16% and the Kosdaq dropped 0.12%. MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.88% lower.
07:37 (IST) 17 Oct 2022 US stocks ended lower
US stocks dropped on Friday as worsening inflation expectations kept intact worries that the Federal Reserve’s aggressive rate hike path could trigger a recession, while investors digested the early stages of earnings season. The Dow Jones Industrial Average fell 403.89 points, or 1.34 percent, to 29,634.83, the S&P 500 lost 86.84 points, or 2.37 percent, to 3,583.07 and the Nasdaq Composite dropped 327.76 points, or 3.08 percent, to 10,321.39.
